Nifty scales 9700-mark for first time, Sensex on record high

Posted - June 19 201704:58

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Nifty scales 9700-mark for first time, Sensex on record high

Similarly, the broader NSE 50-share Nifty also swung between a new high of 9,687.20 and a low of 9,640.70 before settling at 9,675.10, showing a gain of 21.60 points, or 0.22 per cent. Meanwhile, oil prices jumped after Saudi Arabia, Egypt, the United Arab Emirates and Bahrain severed their ties with Qatar on Monday.

The market sentiment took a short-term reversal in the absence of any meaningful fresh domestic triggers and also concerns of stretched valuation.

The two-day policy review by RBI's monetary policy committee kicks off later today, although economists expect no change in key interest rates despite low inflation and signs of slowing growth.

At 1:08 pm, the S&P BSE Sensex was trading at 31,190, down 120 points, while the broader Nifty50 was at 9,639, down 35 points. Most Asian stocks dropped following the lower close on Wall Street yesterday.

Indian markets continued to rise for the third day on Tuesday. Shanghai Composite Index down 0.14 per cent.

Of the 30-share Sensex pack, 15 showed up in the green. "After making a new high, Nifty gave up some of its gains on profit booking and is now trading in a narrow range", Dhruv Desai, Director and Chief Operating Officer of Tradebulls, told IANS. The FMCG and auto sub-indices of National Stock Exchange closed 1.4 and 1.08 per cent lower respectively.

Besides financials, mild buying in select counters such as consumer durables, realty, capital goods, telecoms, industrials and energy predominantly propelled the flagship Sensex to conquer a fresh life-time high of 31,355.42 before ending at a historic peak of 31,309.49.

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